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Is It Time to Refinance?

By Kat DeLong

Yes, mortgage rates are going up, and yes, lenders have made it more difficult for borrowers to get loans. This may continue for some time to come, but does that mean you shouldn't try to refinance your home? Not necessarily. If you meet certain criteria, it can still be a great time to take advantage of historically low interest rates.

As rates start to climb, the mortgage applications begin to slow, but rates are still considerably low when you look at the history of 30-year fixed rate mortgages back in 1971.

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If you have great credit and want to lower your monthly payments, refinancing might still be a good deal for you. So should you refinance? If any of these scenarios match you, it's worth considering:

Your situation can change drastically over time, so reviewing your mortgage every few years can save you money in the long run. The economy may be tough, but refinancing options can help those who qualify.

Good luck! Refinancing could save you hundreds each month. Start Now!

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